Forex volatility complicates fuel price adjustments-Mantega

Reuters Staff

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BRASILIA, May 14 (Reuters) - Brazil’s Finance Minister Guido Mantega said on Wednesday that volatility in the exchange rate has made it difficult for local fuel prices to be more in line with international ones.

Mantega, who is also the chairman of state-run oil company Petroleo Brasileiro SA’s board, told lawmakers that it is not advisable for the government to adjust prices based on exchange rate fluctuations. (Reporting by Alonso Soto; Editing by Chizu Nomiyama)